Lithia Eyes Ferrari Dealer Jardine Motors For £300M: Report

Lithia Eyes Ferrari Dealer Jardine Motors For £300M: Report
  • Lithia Motors Inc LAD is reportedly in advanced talks to acquire U.K.-based counterpart Jardine Motors for £300 million.
  • If completed, Jardine Motors will be sold by its parent Jardine Matheson Holdings, a Hong Kong-based conglomerate, reported Sky News.
  • The acquisition will expand Lithia's foothold in the U.K., including access to Ferrari NV RACE and Maserati.
  • Jardine Motors has about 2,700 employees at 50 sites across the U.K. It represents 14 renowned car brands.
  • "Discussions around a potential transaction are ongoing and a further update will be issued in due course," the report cited Lithia spokesperson.
  • Price Action: LAD shares closed higher by 4.57% at $240.42 on Friday.

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